In my opinion we are on our way to under 4k with quite a few zigs and zags. The last wave 5 should not be as impulsive as wave 3, so it will take time - at least a few more days to a week (or more).
I'm expecting BTC to break it's closely watched long term trendline (red) for a few days which should disturb even the most ardent bulls, and then have a strong snapback above it to start another uptrend to 11k+. While most eyes are on the long term trendline, I'll be watching and entering long near the lower channel trendline (fuschia) if and when we get there.
See the larger chart and major channel BTC has been shaped by in the analysis titled BTC possible major reversal soon (attached below)
Good Luck and have a wonderful weekend
I'm expecting BTC to break it's closely watched long term trendline (red) for a few days which should disturb even the most ardent bulls, and then have a strong snapback above it to start another uptrend to 11k+. While most eyes are on the long term trendline, I'll be watching and entering long near the lower channel trendline (fuschia) if and when we get there.
See the larger chart and major channel BTC has been shaped by in the analysis titled BTC possible major reversal soon (attached below)
Good Luck and have a wonderful weekend
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Upper Channel trendline (blue) is keeping the price from bouncing even with hourly bull divergences. This is multi-month channel is very important to this downtrend. If we get over it solidly, we may have another leg up, but right now that looks doubtful.
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Possibly that the blue channel trendline will be tested again - it would then be an ideal short entry with the stop safely above the line. Good Luck
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Channel tested, expecting a failure here
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channel continues, watch for a break this weekend
